This is a thought exercise to determine the value of Boustead Singapore. The company is a conglomerate with operations in the 4 areas of: (i) Real Estate/Construction, (ii) Engineering in water treatment and offshore gas, (iii) Distribution in Geospatial Technology Solutions and (iv) Healthcare. Over time, the company has experienced profit growth due to the trend of increasing technology use and a booming Singapore Property Market. Boustead Singapore's FY 21 Results I will try to determine the value of each business segment and then adding them. Real Estate/Construction Boustead singapore owns through its 53% stake in the listed subsidiary of Boustead Projects (BP). BP has captured investors attention recently because it injected some assets into an industrial fund which potentially means a future REIT. BP has a large number of properties such as Razer HQ, ALICE@mediapolis it owns and can be injected into the fund. All these properties amount to a billion...